Iraqi Oil Minister Hopes OPEC to Reach Final Deal on Friday

Iraqi Oil Minister Jabar Luaibi said on Tuesday that Baghdad was not considering an increase in oil production in the framework of the OPEC (Organization of the Petroleum Exporting Countries) and non-OPEC oil output cut deal.

"We have not considered the increase yet, we will discuss it at the meeting," Luaibi said.

The minister pointed out that he had not heard about the Russian initiative to increase the daily oil production by 1.5 million barrels. "I haven’t heard about it," Luaibi said.

On Saturday, Russian Energy Minister Alexander Novak said that Russia and Saudi Arabia would offer the parties to the oil output cut agreement to raise production in the third quarter of 2018 by 1.5 million barrels per day.

However, Iraqi Oil Minister expressed hope that the OPEC and non-OPEC producers will reach an agreement on oil production during Friday's meeting.

On June 22, at its regular meeting in Vienna, the OPEC will discuss whether to raise oil production.

Russian President Vladimir Putin and Saudi Crown Prince, Second Deputy Prime Minister and Defense Minister Mohammad bin Salman Al Saud, right, during a meeting.

In 2016, the OPEC countries reached an agreement in Vienna to reduce daily oil production during the first half of 2017 to boost global oil prices.

The agreement was also supported by 11 non-OPEC states. In late 2017, OPEC and non-OPEC states, including Russia, agreed to extend the agreement on reduction of oil output until the end of 2018.